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Petrol Price in New Delhi (4th August 2021)

Petrol prices in New Delhi have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in New Delhi ₹ 101.84 (4th August 2021), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in New Delhi more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.

Aug 4, 2021
₹ 101.84 /Ltr

Last 10 Days Petrol Rate in New Delhi

Date Price Price Change
Aug 3, 2021 ₹ 101.84 ₹ 0.00
Aug 2, 2021 ₹ 101.84 ₹ 0.00
Aug 1, 2021 ₹ 101.84 ₹ 0.00
Jul 31, 2021 ₹ 101.84 ₹ 0.00
Jul 30, 2021 ₹ 101.84 ₹ 0.00
Jul 29, 2021 ₹ 101.84 ₹ 0.00
Jul 28, 2021 ₹ 101.84 ₹ 0.00
Jul 27, 2021 ₹ 101.84 ₹ 0.00
Jul 26, 2021 ₹ 101.84 ₹ 0.00
Jul 25, 2021 ₹ 101.84 ₹ 0.00

Daily & Monthly Petrol Price in New Delhi : Graphical Representation

Historical Petrol Price in New Delhi

  • Trend of Petrol Rate in New Delhi, August 2021
  • Petrol Price
    1st August Rs.101.84
    4th August Rs.101.84
    Highest rate in August Rs.101.84 on August 1st
    Lowest Rate in August Rs.101.84 on August 1st
    Over all performance No Change
    % Change 0%
  • Trend of Petrol Rate in New Delhi, July 2021
  • Trend of Petrol Rate in New Delhi, June 2021
  • Trend of Petrol Rate in New Delhi, May 2021
  • Trend of Petrol Rate in New Delhi, April 2021
  • Trend of Petrol Rate in New Delhi, March 2021
  • Trend of Petrol Rate in New Delhi, February 2021

Petrol prices in Delhi are now changing everyday, as against every 15 days before. We are providing daily petrol price rates, so you can check the same on goodreturns.in

The advantage of doing that is you know when to fill petrol and make maximum use of falling petrol prices. In any case Delhi petrol rates are much lower then some of the other cities in India. It also sets the trend for an increase or decrease in rates in various other cities of India. The rates would be largely determined by the largest oil marketing companies in India, that is Indian Oil, Bharat Petroleum and Hindustan Petroleum. You would do well to check the rates given the fact that if you fill same about 30 to 40 litres petrol you could tend to lose a lot. Now that petrol prices in Delhi have been dergulated like many other cities in the country.

How are petrol prices in Delhi determined?

Petrol rates in Delhi largely depend on how international prices of crude oil move. It is largely linked to international crude prices, which trade abroad. There is also an India crude basket, which largely determines the prices of Petrol in Delhi. It is always advisable to check the petrol prices, if you are planning to fill your automobile to the brim. A small change in rates can be mean a lot when you have larger volumes of diesel or petrol to fill. Diesel prices in Delhi also more or less move in a smilar way.

Increasing trend in the last few days

Lately, we have been seeing an increasing trend of petrol prices rallying in several cities. In fact, in places like Delhi they have now hit the Rs 82 per litre mark. This has happened as international prices of crude have gone higher and there is every possibility that there could be a further increase in prices.

The government has in the past cut the excise on petrol to make-up for the huge gains seen in the prices of petrol. However, any such cuts in the excise tends to impact the government's fiscal deficit.

If the trend of an increase in Delhi prices of petrol today continues, we may soon realize that rates have now hit a three year high and this is not good news for any government.

An urgent cut in the prices of the fuel is needed to be implemented by the government at the earliest.

How petrol prices are influenced in Delhi?

Todays petrol prices in New Delhi are a result of a host of a factors that influence rates.

Among these include world prices of the fuel. At the moment Brent Crude prices are trading below $40. When these prices go higher, the India crude basket goes higher, which in turn alters the daily price of petrol in Delhi. A similar thing can be seen as far as diesel is concerned. 

It is hence a good idea to check prices of the fuel before leaving your home. For the last few days there has been a declining trend at the retail level. Once petrol and diesel prices are bought under the ambit of the Goods and Services Tax, we may see these prices declining in the coming days. In the meantime, we would have to continue to pay the desired sum and wait for a fall in todays petrol rates in New Delhi.  

 How Petrol Prices in New Delhi Today are calculated?

Fuel rates in India depend on a host of things. Petrol prices in Delhi today depend on the India crude basket, transportation costs, value added taxes and excise duty levied by the government.

The fuel costs in the city are pretty high, though they are way lesser than what Mumbai charges. The city has one of the highest value added taxes, which has pushed petrol prices higher.

In India, when excise by the government is hiked, petrol prices in Delhi tend to increase. At the moment, excise is slightly more than Rs 21. The local government also tends to tinker with the value added tax, which tends to inflate the fuel rates.

The currency also plays a big role, in pushing the price of petrol and diesel either way. If rates tend to move in one direction heavily, the government can cut or hike rates accordingly.

 Overall, it is likely that we will see sharp cuts in the prices of the fuel in the coming days. International prices have the biggest bearing and any drop in these tend to help rates cuts. Movement of the rupee against the dollar also tends to impact petrol and diesel prices accordingly.

So, for calculation of today's petrol price in Delhi one has to taken into account, excise, value added tax, India crude basket and currency movement. 

Strategies for monitoring daily petrol prices in Delhi

The recent fuel updates can easily be tracked via an SMS service or a customer care service run by state-owned oil companies including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And you can even check online by visiting the websites of any of those oil companies. Based on the methods presented below, fuel consumers of Delhi can easily confirm the latest petrol or diesel of the capital city. 

SMS Service

Type: RSPDEALER CODE and send it to 9224992249

Customer Helpline

For Indian Oil- 9224992249

Bharat Petroleum-9223112222

Hindustan Petroleum-9222201122

Or else you can also track the same through your smartphone by downloading the Fuel@IOC, Smart Drive (BPCL), and My HPCL mobile apps. 

Current VAT on petrol in Delhi

On May, 2020 VAT on petrol climbed from 27 per cent to 30%, while VAT on diesel was nearly doubled to 30% from 16.75 per cent by Delhi's government. In the face of major declines in revenue during the coronavirus shutdown, many state governments have raised VAT on fuels currently beyond the range of GST. Although gas stations have been in the category of critical assets during this COVID year, sales have declined sharply due to the closure of factories, offices and limits on vehicle travel. Sales of petrol dropped by 61 per cent and diesel fuel by 56.5 per cent in April, but as the market sees a phased opening and easing of shutdown conditions at almost all the locations, demand is expected to increase this month. While crude oil prices have dropped by more than 60%, state-run fuel marketers have not been able to slash Indian market rates due to inventory shortages and declining demand. 

Have these mobile applications to track the daily fuel price of Delhi

Petrol and diesel rates keeps changing on a regular basis and it is believed that finding the ideal fuel price is a challenge as the key problem in consumers' thoughts is how to get the correct fuel price of Delhi. After all, numerous oil and gas firms such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have leads to different methods for fuel consumers such as SMS, Mobile Apps and Customer Care support in order to stay updated with the daily petrol and diesel rates of any city across India. Fuel consumers can download such mobile apps from the default app store of their mobile phone. And this will enable Indian fuel consumers to conveniently track the perfect oil and diesel rates. 

All major metro cities such as Mumbai, Kolkata, Bengaluru, Chandigarh, Chennai and including Delhi are following Dynamic Fuel Pricing mechanism from June 2017. The petrol rates vary across states, due to state taxes and other factors. Mobile applications, however, help fuel consumers to monitor fuel prices on-the-go and one can even access current fuel rates via SMS services or by visiting the website of a particular oil provider as described above. Here are the smartphone applications that help you to keep updated from your comfort on a regular basis with the latest fuel prices. 

Fuel@IOC – IndianOil

The mobile app Fuel@IOC-Indian Oil helps Indian oil fuel consumers to easily check the fuel prices of Delhi or any other city across India from the luxury of their home or workplace. This application is compatible on both IOS and Android devices for installation. IOS users can open the App Store and access the app and Android users can do the same by launching the Google Play Store. The mobile app of Indian Oil allows users to search for latest fuel prices on the go. It is recommended to check the petrol price of Delhi or your locality before fuelling your vehicle and considering this the Fuel@IOC-Indian Oil app is your ideal partner to stay updated with the latest petrol price of Delhi anytime anywhere. So before heading to your workplace you can now check the latest fuel price of Delhi by using your mobile phone, that means the simplicity and user-friendliness is just in your palms. Use this app to grasp the ongoing fuel price trend in Delhi with ease. For both Apple and Android phones, which are the most successful operating systems, Fuel@IOC-IndianOil is free to download. In case you are not an IOS or Android user you can directly access Indian Oil's official website to track the latest petrol price of Delhi. You can easily track the existing price of petrol in Delhi or your region without abandoning your comfort by accessing the site or using Indian Oil's mobile app. 

My HPCL Mobile App

My HPCL mobile app from Hindustan Petroleum also introduces a better category to keep abreast with fuel prices for petrol pumps. The app is available at the Android, IOS and Windows platforms. The My HPCL app contains sections like Outlets & Services, My Vehicle, Alerts, customer service line, Feedback, Help & Tips and also provides access to Insurance Renewal facility (with affiliate company), DTPLUS (HPCL Loyalty Scheme for fleet owners) and HPGAS (LPG) in order to offer changing fuel costs for the fuel users of Delhi. The concept of fluctuating fuel prices, commonly referred to as # MyFuelMyDayMyPrice, is dismissed by the majority as the cost of fuels such as diesel and petrol has been pushed into the area of fluctuations. While the entire move is believed to be user centric, fuel prices is now calculated in terms of international market conditions and USD to INR price movements. Delhi's petrol consumers can conveniently search the city's new petrol prices from sitting at home. Consumers can reach the revised cost of petrol every morning with a few clicks before going to the office or filling their vehicle's tank. 

BPCL’s SmartDrive

BPCL's SmartDrive smartphone application enables customers to preserve records of fuel station transactions and also facilitates in locating nearby fuel stations. SmartDrive is designed to capture customer and vehicle details so that it can provide you with regular updates on the PUC, insurance and operation of your vehicle, which is available in both Android and IOS platforms. SmartDrive also provides information about both Petrocard and SmartFleet loyalty transactions in relation to the particulars of Delhi's fuel prices. Your ratings will allow the BPCL to best serve you and you can now cherish the enhanced facilities at SmartDrive app by submitting your valuable ratings. To share your positive expressions or frustration at each of  BPCL’s fuel stations you can now make it easy by uploading photos of the filling stations. SmartDrive has a way to build a good relationship with consumers and sponsors, and they guarantee that they can walk with you till end to be your best ideal need of fuel requirements. Admire the Bharat Petroleum drive today and install the SmartDrive app to stay tuned to Delhi's latest petrol price.  

Aspects of Petrol Price in Delhi

Petrol prices in Delhi are primarily influenced by the purchasing cost of crude oil, the exchange value, the profit of the dealer, the central excise duty, the VAT of the state government. The retail sale price of petrol will be influenced proportionately by any rise or decline in crude oil prices. The federal excise tax is the same nationwide, but the state VAT rate varies by state. As stated in the previous section, because of the lower state VAT levied on petrol in Delhi, a litre of petrol price cost you less in Delhi. Another significant factor is the exchange rate of the USD against the INR. The purchasing cost of oil will rise if the INR declines against the USD; the purchasing cost of oil will decline if the INR increases against the USD. The rate of petrol in Delhi will be affected similarly based on any highs and lows in crude oil markets.  

How Frequently Petrol Rates In Delhi Are Updated?

Like every other India city, state-run oil companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum lead the petrol sector in New Delhi. Actively, all of these oil companies are updating diesel and petrol rates on a regular basis, commonly pointed to as dynamic fuel pricing. The current pricing mechanism was adopted and enforced in mid-June 2017 by the Government of India. All filling stations of Delhi either automated or non-automated updates the price of fuel at 06:00 a.m every day. Be sure to make a track of the revised rates that each bunk will reflect. Fuel prices are rising slightly in the city at present. Since you're a retail buyer, you may not be influenced much by regular price changes. Also, a small decline or a hike will make a major impact on your billing figure if you are a buyer of petrol in higher quantities. In reality, across the country, the latest fuel pricing strategy is in action. The framework is intended to help all fuel consumers, whether they are from Delhi or from other Indian cities. Within the framework, the pricing of petrol rate is transparent.  

Why petrol rates in Delhi is high?

In the previous era, the country's fuel prices were regulated and modified every fortnight. Dynamic pricing has been implemented on current days, due to a multitude of changes in the political environment in the nation, and because of that, prices are changing every day. As we are all well informed, India's oil prices are something that both the central government and the state government impose their taxes on. This is essentially the explanation for the recent fluctuation in the price of petrol in various parts of the nation. There has been a rise in the state tax in the case of Delhi and this has subsequently affected the price of petrol in the city. The effect of the fluctuations in the global market is one of the other factors for the rapid increase in the price of petrol in Delhi. The effect of the global level, of course, is one of the other factors for the rapid increase in the price of petrol in Delhi. In Delhi, the rise in the global price of crude oil was destined to have an effect on the rate. We can only assume that Delhi may take the burden of it all, with economists expecting these prices to increase in the coming months.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Petrol Prices Extends Rally in New Delhi

The petrol prices extended rally in New Delhi despite sliding of the fuel rates in the overseas markets amidst disruption in the ongoing OPEC + talks.

The petrol rates in New Delhi recorded at Rs 99.86 per litre. 

In the international forum, Brent was seen at $76.39 per barrel; West Texas Intermediate (WTI) at $75.35 per barrel. 

The oil prices slipped during today’s trade session, with the crude benchmark - Brent declining after witnessing four days of gains. Investors and traders are awaiting the outcome of the crucial talks of the oil producers club following disagreement within the group members which could result in major producers pumping in high volumes to grab market share. 

On Friday, the members of the Organization of the Petroleum Exporting Countries (OPEC) voted to pump up production by about 2 million barrels per day from August to December 2021. The members have also voted to extend the remaining output cuts to the end of fiscal 2022, but objections from the United Arab Emirates have prevented an agreement. 

Analyst from ANZ notes that the latest move raises the bar of the oil producers club’s alliance which has shown great unity which resulted in rebalancing the market following collapse in demand. A break-up could result in a free-for-all leading to a drop in the prices.  

In the United States of America, the energy companies have increased the oil and natural gas rigs for the third week out of the last four weeks. The number of oil and gas rigs is an early indicator of future output. 

5 July 2021
Petrol Prices Moves Up in New Delhi

The petrol prices moved up in New Delhi despite witnessing a fall in the international markets amidst extension of the OPEC + meeting on supply cuts. The petrol rates in New Delhi stood at Rs 99.16 per litre. 

On the global platform, Brent was seen at $75.55 per barrel, down by 0.38%; West Texas Intermediate (WTI) at $74.74 per barrel, down by 0.65%. 

The oil prices declined during today’s trade session after OPEC + ministers delayed their output policy meeting as sources revealed that the United Arab Emirates had balked at plans to return 2 million barrels per day (bpd) to the markets during the second half of 2021.

The crude futures of WTI slipped by 15 cents to settle at $75.08 after surging up close to 2.4% on Thursday to close at its highest since October 2018.

The Brent crude futures declined by 20 cents to touch $75.64 per barrel after rallying by 1.6% during Thursday’s trade session. 

Both the benchmark contracts had recorded gains on unexpectedly cautious plans by the OPEC and its allies. 

The oil prices retreated, though, after the plan was reported to have met resistance from Russia and OPEC + and the members have now postponed the ongoing ministerial meeting on Friday. 

Analysts from Citibank note, they do not expect WTI to climb to touch a premium to Brent because they expect the U.S. oil output to pick up at the end of fiscal 2021 and grow further in fiscal 2022. 

2 July 2021
Petrol Price Unmoved in New Delhi

The petrol prices are unmoved in New Delhi despite a surge in the global crude rates ahead of the OPEC + group meeting. The petrol rates in New Delhi were seen at Rs 98.81 per litre. 

In the overseas forum, Brent was seen at $76.52 per barrel, up by 2.55%; West Texas Intermediate (WTI) at $75.76 per barrel, up by 3.12%.

Today, the fuel prices broke above the $75 per barrel to touch a three-year-high ahead of the meeting of the oil producers club as they will decide on the production policy for the second half of 2021.

The revival of the crude demand has weighed on the fuel prices to march up. The easing of the economies has increased the movement of people and rebound in goods transportation and air travel as well. 

The WTI has recorded growth of over 50% since the beginning of fiscal 2021 at around $48.5 per barrel. 

The prices of gasoline have also surged on the back of a post-pandemic driving spree. Hence a $75 a barrel of crude will mean even higher prices at the pump.

The decision by the oil producers club since the outbreak of the pandemic crisis helped for the revival of the oil industry was shattered at one time following prices crashing to zero levels and trading at negative numbers in April 2020. 

Meanwhile, Global Head of Commodities Research at Goldman Sachs, Jeff Currie, noted that they are expecting the OPEC production expansion of 500,000 barrels per day (bpd) might not be enough to keep the prices down. 

1 July 2021
Petrol Rates Stable in New Delhi

The petrol rates are stable in New Delhi despite slipping in the overseas markets amidst a drop in the U.S. stockpiles. The petrol prices in New Delhi are trading at Rs 98.81 per litre. 

In the global scenario, Brent traded at $75.36 per barrel; West Texas Intermediate (WTI) at $73.96 per barrel. 

The rampant outbreak of the newly coronavirus delta variant has weighed on the global crude rates to drop. 

The crude stockpiles in the United States of America slipped by 8.2 million barrels as per the data from the American Petroleum Institute. But, the correct data from the government is due to be released later today. 

Hopes of the revival of the crude demand received a boost from the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) - Mohammad Barkindo, who said that the fuel demand is expecting to expand by 6 million barrels per day (bpd) in fiscal 2021, with 5 million bpd of that coming in the second half of the year. 

Investment management firm, Goldman Sachs expects that demand will increase further by 2.2 million bpd by the end of fiscal 2021, leaving a 5 million bpd supply shortfall.

Meanwhile, an internal report of OPEC seen by Reuters highlights that the oil markets are likely to return to a glut situation after the oil producers club is expected to unravel oil production trims of under 6 million barrels per day (bpd) by April 2022. 

30 June 2021
Petrol Prices Moves Up By 35 Paise in New Delhi

The petrol prices moved up by 35 paise in New Delhi despite sliding of crude prices in the overseas markets amidst an outbreak in the contagious Delta covariant virus across the world. The petrol rates in New Delhi recorded at Rs 98.81 per litre, up by 0.35 paise.

On the overseas forum, Brent was spotted at $74.96 per barrel, up by 0.37%; West Texas Intermediate (WTI) at $73.20 per barrel, up by 0.40%.

The oil prices slid for the second straight day on Tuesday on growing worries over the slower fuel demand growth as the outbreak of the highly contagious coronavirus variant Delta has led to the imposition of new movement restrictions globally. 

The members of the oil producers club are set to meet on July 1, to decide on the future of the global crude supply. But the current surge in the Delta variant cases may weigh on the outcome of the OPEC meeting.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies had earlier forecasted the oil demand to improve during the fourth quarter of 2021. They had also predicted that the worldwide fuel supply will fall short of demand by 2.2 million barrels per day (bpd), giving the producers some room to agree to increase output.

The rise in the cases of the Delta variant in Britain has led to the slow down of talks of a travel corridor between the U.S. and Britain.

The analysts expecting the OPEC + members to step up fuel supply by about 500,000 bpd in August, as the market has tightened on strong growth in fuel demand in America and China, the world’s top two oil consumers.

29 June 2021
Petrol Prices Untouched in New Delhi

The petrol prices were untouched in New Delhi despite a marginal drop in the global crude rates ahead of the OPEC + talks. The petrol rates in New Delhi were seen at Rs 98.46 per litre. 

On the global platform, Brent was trading at $76.01 per barrel, down by 0.22%; West Texas Intermediate (WTI) at $73.97 per barrel, up by 0.11%.

The crude rates surged up to hit record highs and then recoiled from highs last seen during October 2018 on Monday’s trade session as investors focused eyes on the outcome of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies as the United States and Iran wrangle over the revival of the nuclear deal. 

During last week, the fuel prices marched up for a fifth consecutive gain as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere. On the other hand, the global fuel supplies stayed snug as the members of OPEC and its allies maintained production cuts. 

The oil producers group is returning 2.1 million barrels per day (bpd) to the markets starting from May through July as a part of its plan to gradually unwind fiscal 2020’s record oil output curbs. 

The OPEC  and its allies will be meeting on July 1, to decide on the future of the global crude supply for August amidst improved fuel demand recovery.

28 June 2021
Petrol Prices Gains By 35 Paise in New Delhi

The petrol prices gained by 35 paise in New Delhi following trends from the international markets following improved fuel demand. The petrol rates in New Delhi traded at Rs 98.11 per litre. 

On the global scenario, Brent was seen at $76.18 per barrel, up by 0.82%; West Texas Intermediate (WTI) at $74.05 per barrel, up by 1.02%.

The oil prices in the international markets witnessed a surge as crude prices recorded fifth straight weekly gain amidst improved fuel demand and slump in the U.S. crude inventories. 

On Friday, the oil prices continued their rally in the international markets for the fifth consecutive week in a row on expectations of demand growth that will outstrip supply. 

The robust vaccination drive in several countries including the U.S., Europe and China have weighed on the oil prices to gain amidst the reopening of economies. Though, the analysts note that the report was countered by rallying coronavirus vaccine outbreaks in other places. 

On the demand side, the key factors which the Organization of the Petroleum Exporting Countries (OPEC) and its members will have to look at are the strong growth of crude in some of the countries and a sharp slump in the U.S. crude inventories. 

The fuel prices are supported in the recent weeks over the improved fuel demand and ongoing decline in the worldwide oil stockpiles notes an analyst from UBS. The crude rates also secured support amidst the approval of the U.S. infrastructure bill bolstered optimism amidst the energy demand outlook. 

The members of OPEC are planning to meet on July 1, to discuss the future of the global supply to the markets beginning from August.

26 June 2021
Petrol Prices Untouched in New Delhi

The petrol prices were untouched in New Delhi despite inching down marginally in the bullion markets amidst improved fuel demand. The petrol rates in New Delhi traded at Rs 97.76 per litre. 

On the global platform, Brent was seen at $75.44 per barrel, down by 0.16%; West Texas Intermediate (WTI) at $73.13 per barrel, down by 0.23%.

The crude prices slipped on Friday’s trade session, yet it managed to remain on track for the fifth consecutive week in a row on growing expectations of growth in fuel demand which will outstrip supply. 

On Thursday, both the U.S. crude benchmark contracts settled at its highest levels since October 2018.

Analysts note that with a larger drop in the oil inventories, the fuel prices are likely to surge higher during the third quarter of 2021.

The fuel prices also found support as the approval of the U.S. infrastructure bill which bolstered optimism over the fuel demand outlook. 

Meanwhile, the focus of investors will be glued on the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC), due to be held on July 1, to discuss further easing of their output cuts beginning from August. 

The members of the oil producers club will be considering the following key factors on the demand side - the strong growth in Europe, the U.S. and China. The vaccination drive in these countries has led to reopening of economies helping the fuel demand to shoot up.

25 June 2021
Petrol Prices Inches Up in New Delhi

The petrol prices inched up in New Delhi despite witnessing a fall in the global crude rates yet it hovered near a three-year high on signs of fuel demand recovery. The petrol rates in New Delhi traded at Rs 97.76 per litre. 

On the global platform, Brent stood at $74.72 per barrel, down by 0.63%; West Texas Intermediate (WTI) at $72.58 per barrel, down by 0.68%. 

The fuel prices slipped marginally during today’s trade session yet they held close to their highest level in almost three years as it was supported by a surprise drawdown in the U.S. inventories and accelerating economic activity in Germany. 

Doubts about the future of Iran's nuclear deal which could end the U.S. sanctions on Tehran’s crude imports supported the rally of the oil prices.

Both the U.S. crude benchmarks managed to hit their highest since October 2018, during Wednesday’s trade session, slightly giving back gains. 

The Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet on July 1, to discuss the future of the global crude supply after unwinding last year’s record deeper output cuts to support prices. But two sources close to the oil producer’s club revealed that no decision is arrived at yet.  

On Wednesday, Tehran said that the United States has agreed to remove all the sanctions imposed on its oil exports and shipping but Washington said nothing is agreed until everything is agreed amidst the ongoing talks to revive the 2015 Iran’s nuclear deal.

24 June 2021
Petrol Prices Untouched in New Delhi

The petrol prices are untouched in New Delhi despite a rally in the global crude rates following a slump in the U.S. crude stockpiles. The petrol rates in New Delhi were recorded at Rs 97.50 per litre. 

In the overseas scenario, Brent was seen at $75.35 per barrel, up by 0.72%; West Texas Intermediate (WTI) at $73.28 per barrel, up by 0.59%.

On Wednesday, the fuel prices surged up in the global markets as industry data revealed that the U.S. crude stockpiles declined more than expected. The situation has reinforced views of tightening supply-demand balance with air and road travel picking up in North America and Europe. 

As per two market sources, the American Petroleum Institute industry group revealed that the oil stocks declined by 7.2 million barrels for the week ending as of June 18. 

The drop is a much huge drawdown than 3.9 million barrels which nine analysts polled by Reuters had expected on an average. 

If the official figures reported from the U.S. Energy Information Administration gets confirmed, it would be the fifth straight weekly drop, showing that the U.S.market is tightening. 

The Organization of the Petroleum Exporting Countries (OPEC+) members will be deciding on the future of the global crude supply once they meet on July 1 as they are taking stock of the demand recovery.

23 June 2021

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